Close
Bonneville Phoenix Network
 KTAR News
 Arizona Sports
92.3 FM KTAR
Menu
Social
Latest News

A glance at the agreement for the Cyprus bailout

BRUSSELS (AP) - Authorities from Cyprus and the so-called troika of international lenders- the European Commission, the European Central Bank and the International Monetary Fund- reached agreement on a bailout loan for the country of up to 10 billion euros. A look at key parts of the deal:

_Cyprus had to come up with 5.8 billion euros somehow to secure the bailout.

_Depositors in the country's second-largest bank, Laiki, with accounts of more than 100,000 euros will lose an unspecified amount of their money. The move is expected to yield 4.2 billion euros overall- or most of the needed amount.

_The remainder of the money will come from tax increases and privatizations.

_Cyprus had to agree to restructure its banking sector, which is unusually large for the size of its economy.

_Laiki will be dissolved at once and split into a "good bank" and a "bad bank." The "good bank" portion of Laiki will be folded into the largest bank, the Bank of Cyprus.


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments

comments powered by Disqus
Latest News